Changpeng ‘CZ’ Zhao, co-founder and former CEO of Binance, recently submitted a letter of apology to the court on April 24. This came after he pleaded guilty to criminal charges earlier this year. In the letter, Zhao expressed regret for his poor decisions and accepted full responsibility for his actions. He acknowledged that he should have implemented compliance changes at Binance much earlier, recognizing the importance of introducing “stringent” controls under his leadership. Zhao emphasized that he voluntarily surrendered and took responsibility in the current case, hoping to resolve the matter before the court to have the opportunity to “try again.”
In his letter, Zhao vowed that such mistakes would never happen again, assuring the court that this would be his only encounter with the criminal justice system. He supported his request for a second chance by detailing his “unconventional” career path, which included living a simple life and returning investor money after failed startup ventures. Zhao also highlighted his altruistic intentions, mentioning his desire to fund small biotech labs and support youth-related causes. The letter was accompanied by several other submissions from individuals, including family, friends, Binance employees, volunteers, and users, as well as industry and government officials.
Among those who wrote letters of support was Binance co-founder Yi He, who is also Zhao’s wife. She acknowledged mistakes made at Binance but praised Zhao for his fairness, integrity, and sense of responsibility. He’s failed attempt to rescue FTX in 2022 was seen as a turning point that led to improvements in Binance’s privacy measures. The collection of letters also included submissions from prominent figures in the industry, such as JAN3 CEO Samson Mow, Bitfury Group CEO Val Vavilov, and Paxos Asia CEO Richmond Teo. Collectively, these letters portrayed Zhao as a committed CEO who prioritizes his family and leads a modest life. Writers described him as honest, hard-working, modest, and disciplined.
Despite the support and accolades in the letters, the US Department of Justice is seeking a 36-month prison sentence and $50 million in fines against Zhao. His sentencing is scheduled for April 30th. While some of the letters explicitly requested a lenient sentence, Zhao himself did not ask for a reduced sentence in his own letter. It remains to be seen how the court will rule in this case and what the future holds for Changpeng ‘CZ’ Zhao and Binance as a whole.
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